Bureau of Economic Analysis

Survey of Current Business

Table of Contents May 1995

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Regular features

Real GDP increased 2.7 percent in the first quarter of 1995, down
from a 5.1- percent increase in the fourth quarter of 1994.
Corporate profits increased $8.5 billion after increasing $4.3 billion.
The Federal Government deficit dropped to
$150.3 billion, and the State and local
government surplus edged up to $29.7 billion.

Real spending for pollution abatement and control (PAC)
increased 4.2 percent in
1993, compared with a 4.7-percent
increase in 1992.
Spending continued to increase across all sectors of the economy; the largest
increases were in business capital spending (5.8 percent) and State and local government
purchases (12.0 percent). Spending for air PAC and for
solid waste disposal each increased about 7 percent, but spending for water PAC decreased.

In 1992, 10
States had increases in real gross state product (GSP)
that were at least 2 percentage points above the U.S. average of 2.5 percent;
North Dakota and Idaho had increases of over 6 percent.
Three States—California, Louisiana, and Alaska—had declines in real GSP.

57 Foreign Direct Investment in the United
States: New Investment in
1994
and Affiliate Operations in

In 1994,
outlays by foreign investors for acquiring and establishing U.S. businesses
increased sharply, as they had in 1993.
In 1993,
the sharp increase in new investments contributed to rises in most measures of
the operations of U.S. affiliates of foreign companies. For example, the gross
product of non-bank U.S. affiliates increased 9.0 percent in 1993,
and their share of U.S. private-industry gross product increased to 6.1 percent
from 5.9 percent in
1992.

Annual Revision of the U.S. International Transactions Accounts. An article presenting revised estimates of U.S. international
transactions and discussing major sources of the revisions will appear in the
June SURVEY.
The revisions will extend as far back as 1983 for some series. Selected data will be
available as of June 21.

Regional Projections
of Economic Activity. An article summarizing projected trends in State
personal income, employment, population, and gross state product to the year 2005 is scheduled to appear in the July SURVEY.
The article will also briefly discuss the methodology for these State-level
projections.